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Project Management Case Studies
Adam's Mark Portfolio Conversion, Renovation
and Repositioning
2003
Engagement
Morgan Stanley Real Estate Fund retained Pyramid Project Management and Pyramid Hotel Group to complete due diligence on a portfolio of eight hotels.
Process
Within a six-week period Pyramid Hotel Group had to complete a full due diligence review in the following areas:
- Environmental
- Mechanical
- Architectural
- Interior Design
Pyramid Project Management conducted a Product Improvement Plan with reviews and analysis of the feasibility of having multiple brands at each property. It also developed conversion and renovation budgets for each hotel.
Pyramid Project Management was subsequently engaged to implement the recommended initiatives for the repositioning strategy.
On an accelerated schedule, Pyramid Project Management was responsible for:
- Pre-Construction
- Design Development
- Construction
- FF&E Implementation
Each project was led by a senior project executive and full time on-site representative.
It should be noted that during the conversion process, the Daytona asset was severely damaged by hurricanes. Pyramid Project Management overcame this situation and successfully managed the associated repair and renovations of the added scope.
Outcome
Six out of eight hotels were successfully converted and repositioned, and two were eventually sold. A $65 million budget was developed for the approved renovations, excluding the added hurricane cost.
Key Capabilities
- Ability to draw upon an experienced team of Project Management professionals with diverse backgrounds in engineering, architecture and design.
- Strong internal partnerships among Pyramid Hotel Group professionals to avoid bureaucracy between areas of specialization
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Hilton Head Marriott Beach and Golf Resort
2003
Engagement
The Hilton Head Marriott Beach and Golf Resort is owned by the General Electric Pension Fund. Pyramid Project Management completed a $22 million renovation and repositioning for this resort. Pyramid Asset Management assisted GE in negotiating an amicable termination of the Hyatt brand and assisted owners in the negotiation of a franchise license agreement for the Marriott brand.
Process
Pyramid Project Management performed due diligence and conducted a Product Improvement Plan negotiation with Marriott to develop a comprehensive scope for repositioning of the property.
- Developed a $22 million budget focused on:
- Mechanical upgrades
- Full guest room renovations
- Full public area renovations
- With an aggressive 12-month schedule implemented:
- Pre-construction
- Design and development plan
- Construction / FF&E implementation
The project was led by a senior project executive and full time on-site representative.
Outcome
Successfully delivered on our promise and converted to a full service Marriott Resort on time, and under budget. For a view of the property now, please click here.
Key Capabilities
- Pyramid’s former experience as a Franchisor enabled an informed approach to negotiating and executing the renovation.
- Focus on meeting Owner’s financial objectives.
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